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In reply to the discussion: Billionaire Sam Zell: "The 1% work harder." [View all]hfojvt
(37,573 posts)Why do social security benefits need to be cut?
Because politically we cannot raise the cap. Why not? Is it because of the 1%? Or is it because of the 4%?
I think it is because of the 4%.
Who gets more of the national income? The 1%? or the 19%?
In 2006 by IRS estimates, the top 1% got 22.1%, the top 9%* got 25.3% and the top 24%* got 46.1%
Sure, in 1979 the top rate kicked in at $300,000 and that is the same as $960,000 today. But those making over $30,000 a year in 1979 (about the same as $100,000 today) were also paying higher rates. They also got great gains from both the Reagan and the Bush tax cuts (although I still wish I had data from pre-1980) http://journals.democraticunderground.com/hfojvt/169
But I do have SOME numbers. The 9%'s share of the pie has also grown since 1980.http://www.democraticunderground.com/10023937994
*When I say top 9% or top 24% what I mean is "the top 25% without the top 1%" or "the top 10% without the top 1%"
And the reason there is no fight against the top 19% is because THEY own the Democratic Party.
Republicans represent the top 5%
Democrats represent the next 15%
Neither of the SOBs represent the bottom 80%.
The reason I want to peel Supie away from the bottom 80% is because, first of all, they are NOT part of the bottom 80%. And secondly when a politician these days says "middle class tax cut" and includes Supie in the "middle class" what they really mean is that people like Supie are gonna get most of the benefits.
It's just another, kinder gentler version of trickle down. http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4085402
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